Updated data* from landlord insurance specialists Cover4LetProperty reveals that for over 4 out of 5 renters, both the cost and the location are the deciding factors when choosing a rental property.
This is different to 6 months ago, when the cost was the determining factor, but the same as 12 months ago.
The ninth in the series of surveys (carried out bi-annually from March 2013 to date) revisited the factors that influence whether someone will rent a property, and found the following:
- 86% of respondents said the cost was the determining factor when choosing a rental property (up 7% from 6 months ago);
- 86% also said that the location (an increase of 15% over the last 6 months);
- ease of parking and whether the property has a garden were both classed as equally important by 44% of renters;
- the importance of easy parking has increased by 9% compared to 6 months ago while the importance of a garden has decreased by 6% during the same period;
- overall cost, location, ease of parking and having a garden are the top influencers on whether to rent a property;
- 32% rate getting on with the landlord less important (down 3%) than the décor (up 8% to 38%);
- 20% said that it was important whether a landlord would allow pets at the property (down 18% in the last six months);
- 2% also said that accessibility is a key influencer.
Commenting on the study, Richard Burgess, Director at Cover4LetProperty, says: “Our latest study highlights that when it comes to rental properties, there has been a slight shift in priorities over the last 6 months, with the cost and location both again being the most important consideration for prospective renters.
“We hope the results of this study will give landlords some ideas on where to focus their efforts when buying and running a let property.”
*Research carried out by Usurv on behalf of Cover4LetProperty 15.02.17
Richard Burgess, MCIM, ACIEH, Cert CII, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
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